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Allowance for credit losses - loans held-in-portfolio
 3 Months Ended
Mar. 31, 2023
Allowance for credit losses [Abstract]  
Allowance for credit losses
Note 9 – Allowance for credit losses – loans
 
held-in-portfolio
The
Corporation follows
 
the current
 
expected credit
 
loss (“CECL”)
 
model, to
 
establish and
 
evaluate the
 
adequacy of
 
the ACL
 
to
provide for
 
expected losses
 
in the
 
loan portfolio.
 
This model
 
establishes a forward-looking
 
methodology that
 
reflects the
 
expected
credit losses over the lives of financial assets, starting when such
 
assets are first acquired or originated. In addition, CECL provides
that the initial ACL on purchased credit deteriorated (“PCD”) financial
 
assets be recorded as an increase to the
 
purchase price, with
subsequent
 
changes
 
to
 
the
 
allowance
 
recorded
 
as
 
a
 
credit
 
loss
 
expense.
 
The
 
provision
 
for
 
credit
 
losses
 
recorded
 
in
 
current
operations
 
is
 
based
 
on
 
this
 
methodology.
 
Loan
 
losses
 
are
 
charged
 
and
 
recoveries
 
are
 
credited
 
to
 
the
 
ACL.
 
The
 
Corporation’s
modeling framework includes competing
 
risk models that
 
generate lifetime default and
 
prepayment estimates as well
 
as other loan
level techniques to estimate loss severity.
 
These models combine credit risk factors, which include the
 
impact of loan modifications,
with macroeconomic expectations to derive the
 
lifetime expected loss.
At March
 
31, 2023, the
 
Corporation estimated the
 
ACL by
 
weighting the outputs
 
of optimistic, baseline,
 
and pessimistic scenarios.
Among the
 
three scenarios used
 
to estimate
 
the ACL, the
 
baseline is
 
assigned the highest
 
probability,
 
followed by the
 
pessimistic
scenario given the
 
uncertainties in the
 
economic outlook and
 
downside risk. The
 
weightings applied are subject
 
to evaluation on
 
a
quarterly basis as
 
part of the
 
ACL’s governance
 
process. The Corporation evaluates,
 
at least on
 
an annual basis, the
 
assumptions
tied to the CECL accounting framework. These
 
include the reasonable and supportable period
 
as well as the reversion window.
The
 
2023
 
annualized
 
GDP
 
growth
 
in
 
the
 
baseline
 
scenario
 
stands
 
at
 
2.1%
 
and
 
1.3%
 
for
 
Puerto
 
Rico
 
and
 
the
 
United
 
States,
respectively,
 
increasing from
 
1.3% and
 
0.7% in
 
the previous
 
quarter. The
 
2023 forecasted
 
average unemployment
 
rate continues
strong, improving quarter-over-quarter to
 
6.9% and 3.5%
 
for Puerto Rico
 
and the United
 
States, respectively,
 
from 7.8% and
 
4.0%
respectively, in the previous forecast.
The following
 
tables present
 
the changes
 
in the
 
ACL of
 
loans held-in-portfolio
 
and unfunded
 
commitments for
 
the quarters
 
ended
March 31, 2023 and 2022.
For the quarter ended March 31, 2023
BPPR
Impact of
Provision for
Allowance
for
Beginning
Adopting
credit losses
credit losses -
Ending
(In thousands)
Balance
ASU 2022-02
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
5,210
$
-
$
(454)
$
-
$
-
$
-
$
4,756
Commercial real estate non-owner occupied
52,475
-
1,284
-
-
135
53,894
Commercial real estate owner occupied
48,393
(1,161)
(2,730)
-
(3)
1,510
46,009
Commercial and industrial
68,217
(552)
9,819
-
(1,607)
1,165
77,042
Total Commercial
174,295
(1,713)
7,919
-
(1,610)
2,810
181,701
Construction
2,978
-
94
-
-
-
3,072
Mortgage
117,344
(33,556)
1,267
68
(846)
4,800
89,077
Leasing
20,618
(35)
734
-
(1,417)
1,090
20,990
Consumer
 
Credit Cards
58,670
-
15,570
-
(8,676)
2,389
67,953
 
HELOCs
103
-
(39)
-
(33)
69
100
 
Personal
96,369
(7,020)
11,104
-
(13,580)
1,535
88,408
 
Auto
129,735
(21)
8,319
-
(12,118)
4,914
130,829
 
Other
15,433
-
235
-
(11,007)
216
4,877
Total Consumer
300,310
(7,041)
35,189
-
(45,414)
9,123
292,167
Total - Loans
$
615,545
$
(42,345)
$
45,203
$
68
$
(49,287)
$
17,823
$
587,007
Allowance for credit losses - unfunded commitments:
Commercial
$
4,336
$
-
$
564
$
-
$
-
$
-
$
4,900
Construction
2,022
-
(76)
-
-
-
1,946
Ending balance - unfunded commitments [1]
$
6,358
$
-
$
488
$
-
$
-
$
-
$
6,846
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
For the quarter ended March 31, 2023
Popular U.S.
Impact of
Provision for
 
Beginning
Adopting
credit losses -
Ending
(In thousands)
Balance
ASU 2022-02
(benefits)
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
21,101
$
-
$
(493)
$
-
$
2
$
20,610
Commercial real estate non-owner occupied
19,065
-
(2,961)
-
1,852
17,956
Commercial real estate owner occupied
8,688
-
(224)
-
24
8,488
Commercial and industrial
12,227
-
2,528
(499)
968
15,224
Total Commercial
61,081
-
(1,150)
(499)
2,846
62,278
Construction
1,268
-
(10)
-
-
1,258
Mortgage
17,910
(2,098)
(426)
-
14
15,400
Consumer
 
Credit Cards
-
-
1
(1)
-
-
 
HELOCs
2,439
-
(712)
(143)
269
1,853
 
Personal
22,057
(1,140)
4,191
(4,170)
383
21,321
 
Other
2
-
49
(53)
5
3
Total Consumer
24,498
(1,140)
3,529
(4,367)
657
23,177
Total - Loans
$
104,757
$
(3,238)
$
1,943
$
(4,866)
$
3,517
$
102,113
Allowance for credit losses - unfunded commitments:
Commercial
$
1,175
$
-
$
54
$
-
$
-
$
1,229
Construction
1,184
-
94
-
-
1,278
Consumer
88
-
(26)
-
-
62
Ending balance - unfunded commitments [1]
$
2,447
$
-
$
122
$
-
$
-
$
2,569
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
For the quarter ended March 31, 2023
Popular Inc.
Impact
Provision for
Allowance
for
Beginning
of adopting
credit losses
credit losses -
Ending
(In thousands)
Balance
ASU 2022-02
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
26,311
$
-
$
(947)
$
-
$
-
$
2
$
25,366
Commercial real estate non-owner occupied
71,540
-
(1,677)
-
-
1,987
71,850
Commercial real estate owner occupied
57,081
(1,161)
(2,954)
-
(3)
1,534
54,497
Commercial and industrial
80,444
(552)
12,347
-
(2,106)
2,133
92,266
Total Commercial
235,376
(1,713)
6,769
-
(2,109)
5,656
243,979
Construction
4,246
-
84
-
-
-
4,330
Mortgage
135,254
(35,654)
841
68
(846)
4,814
104,477
Leasing
20,618
(35)
734
-
(1,417)
1,090
20,990
Consumer
 
Credit Cards
58,670
-
15,571
-
(8,677)
2,389
67,953
 
HELOCs
2,542
-
(751)
-
(176)
338
1,953
 
Personal
118,426
(8,160)
15,295
-
(17,750)
1,918
109,729
 
Auto
129,735
(21)
8,319
-
(12,118)
4,914
130,829
 
Other
15,435
-
284
-
(11,060)
221
4,880
Total Consumer
324,808
(8,181)
38,718
-
(49,781)
9,780
315,344
Total - Loans
$
720,302
$
(45,583)
$
47,146
$
68
$
(54,153)
$
21,340
$
689,120
Allowance for credit losses - unfunded commitments:
Commercial
$
5,511
$
-
$
618
$
-
$
-
$
-
$
6,129
Construction
3,206
-
18
-
-
-
3,224
Consumer
88
-
(26)
-
-
-
62
Ending balance - unfunded commitments [1]
$
8,805
$
-
$
610
$
-
$
-
$
-
$
9,415
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
For the quarter ended March 31, 2022
BPPR
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
3,050
$
385
$
-
$
-
$
-
$
3,435
Commercial real estate non-owner occupied
45,211
6,244
-
-
184
51,639
Commercial real estate owner occupied
54,176
(10,091)
-
(118)
3,060
47,027
Commercial and industrial
49,491
(7,225)
-
(409)
1,513
43,370
Total Commercial
151,928
(10,687)
-
(527)
4,757
145,471
Construction
1,641
357
-
-
416
2,414
Mortgage
138,286
(10,528)
612
(1,321)
4,313
131,362
Leasing
17,578
386
-
(407)
841
18,398
Consumer
 
Credit Cards
43,499
3,701
-
(5,683)
2,265
43,782
 
HELOCs
98
(16)
-
(90)
94
86
 
Personal
71,022
1,613
-
(6,858)
1,777
67,554
 
Auto
154,498
2,693
-
(8,878)
4,017
152,330
 
Other
15,612
(180)
-
(556)
338
15,214
Total Consumer
284,729
7,811
-
(22,065)
8,491
278,966
Total - Loans
$
594,162
$
(12,661)
$
612
$
(24,320)
$
18,818
$
576,611
Allowance for credit losses - unfunded commitments:
Commercial
$
1,751
$
(104)
$
-
$
-
$
-
$
1,647
Construction
2,388
(464)
-
-
-
1,924
Ending balance - unfunded commitments [1]
$
4,139
$
(568)
$
-
$
-
$
-
$
3,571
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
For the quarter ended March 31, 2022
Popular U.S.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
25,418
$
(2,770)
$
-
$
-
$
7
$
22,655
Commercial real estate non-owner occupied
22,246
(6,851)
-
-
3
15,398
Commercial real estate owner occupied
6,053
3,836
-
-
112
10,001
Commercial and industrial
10,160
453
-
(127)
632
11,118
Total Commercial
63,877
(5,332)
-
(127)
754
59,172
Construction
4,722
(1,725)
-
-
1,128
4,125
Mortgage
16,192
1,632
-
-
20
17,844
Consumer
 
Credit Cards
-
(9)
-
-
9
-
 
HELOCs
3,708
(992)
-
(10)
919
3,625
 
Personal
12,700
4,616
-
(1,218)
313
16,411
 
Other
5
66
-
(77)
10
4
Total Consumer
16,413
3,681
-
(1,305)
1,251
20,040
Total - Loans
$
101,204
$
(1,744)
$
-
$
(1,432)
$
3,153
$
101,181
Allowance for credit losses - unfunded commitments:
Commercial
$
1,384
$
(66)
$
-
$
-
$
-
$
1,318
Construction
2,337
(202)
-
-
-
2,135
Consumer
37
(7)
-
-
-
30
Ending balance - unfunded commitments [1]
$
3,758
$
(275)
$
-
$
-
$
-
$
3,483
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
For the quarter ended March 31, 2022
Popular Inc.
Provision for
Allowance for
Beginning
credit losses
credit losses -
Ending
(In thousands)
Balance
(benefit)
PCD Loans
Charge-offs
Recoveries
Balance
Allowance for credit losses - loans:
Commercial
Commercial multi-family
$
28,468
$
(2,385)
$
-
$
-
$
7
$
26,090
Commercial real estate non-owner occupied
67,457
(607)
-
-
187
67,037
Commercial real estate owner occupied
60,229
(6,255)
-
(118)
3,172
57,028
Commercial and industrial
59,651
(6,772)
-
(536)
2,145
54,488
Total Commercial
215,805
(16,019)
-
(654)
5,511
204,643
Construction
6,363
(1,368)
-
-
1,544
6,539
Mortgage
154,478
(8,896)
612
(1,321)
4,333
149,206
Leasing
17,578
386
-
(407)
841
18,398
Consumer
 
Credit Cards
43,499
3,692
-
(5,683)
2,274
43,782
 
HELOCs
3,806
(1,008)
-
(100)
1,013
3,711
 
Personal
83,722
6,229
-
(8,076)
2,090
83,965
 
Auto
154,498
2,693
-
(8,878)
4,017
152,330
 
Other
15,617
(114)
-
(633)
348
15,218
Total Consumer
301,142
11,492
-
(23,370)
9,742
299,006
Total - Loans
$
695,366
$
(14,405)
$
612
$
(25,752)
$
21,971
$
677,792
Allowance for credit losses - unfunded commitments:
Commercial
$
3,135
$
(170)
$
-
$
-
$
-
$
2,965
Construction
4,725
(666)
-
-
-
4,059
Consumer
37
(7)
-
-
-
30
Ending balance - unfunded commitments [1]
$
7,897
$
(843)
$
-
$
-
$
-
$
7,054
[1]
Allowance for credit losses of unfunded commitments is
 
presented as part of Other Liabilities in the Consolidated
 
Statements of Financial Condition.
Modifications
A
 
modification
 
constitutes
 
a
 
change
 
in
 
loan
 
terms
 
in
 
the
 
form
 
of
 
principal
 
forgiveness,
 
an
 
interest
 
rate
 
reduction,
 
other
 
than-
insignificant payment delay, term extension or combination of the above made
 
to a borrower experiencing financial difficulty.
The amount
 
of outstanding
 
commitments to
 
lend additional
 
funds to
 
debtors owing
 
receivables whose
 
terms have
 
been modified
during the quarter ended at March 31, 2023 amounted
 
to $
7
 
million related to the commercial loan portfolio.
The following tables show the amortized cost basis of the loans modified to borrowers experiencing financial difficulties at the end of
the reporting
 
period disaggregated
 
by class
 
of financing
 
receivable and
 
type
 
of concession
 
granted for
 
the quarter
 
ended March
31,2023. Loans modified to borrowers under financial difficulties that were fully paid down, charged-off
 
or foreclosed upon by period
end are not reported.
Loan Modifications Made to Borrowers Experiencing
 
Financial Difficulty for the quarter ended March 31,2023
Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Mortgage
$
227
0.00
%
$
-
0.00
%
$
227
0.00
%
Consumer:
 
Credit cards
497
0.05
%
-
0.00
%
497
0.05
%
 
Personal
172
0.01
%
-
0.00
%
172
0.01
%
 
Other
3
0.00
%
-
0.00
%
3
0.00
%
Total
$
899
0.00
%
$
-
0.00
%
$
899
0.00
%
Term Extension
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
CRE owner occupied
$
1,754
0.12
%
$
-
0.00
%
$
1,754
0.06
%
Commercial and industrial
3,705
0.09
%
-
0.00
%
3,705
0.06
%
Construction
-
0.00
%
3,518
0.65
%
3,518
0.50
%
Mortgage
14,521
0.24
%
1,853
0.14
%
16,374
0.22
%
Consumer:
 
Personal
26
0.00
%
54
0.02
%
80
0.00
%
Total
$
20,006
0.09
%
$
5,425
0.06
%
$
25,431
0.08
%
Other-Than-Insignificant Payment Delays
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
CRE non-owner occupied
$
1,751
0.06
%
$
-
0.00
%
$
1,751
0.04
%
CRE owner occupied
13,156
0.88
%
13,744
0.90
%
26,900
0.89
%
Commercial and industrial
1,411
0.04
%
864
0.04
%
2,275
0.04
%
Consumer:
 
Other
33
0.03
%
-
0.00
%
33
0.02
%
Total
$
16,351
0.07
%
$
14,608
0.15
%
$
30,959
0.10
%
Combination - Term extension
 
and Interest Rate Reduction
BPPR
Popular U.S.
Popular, Inc.
(In thousands)
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
Amortized Cost
Basis at March
31,2023
% of total class of
Financing
Receivable
CRE owner occupied
$
101
0.01
%
$
-
0.00
%
$
101
0.00
%
Mortgage
10,473
0.17
%
328
0.03
%
10,801
0.15
%
Consumer:
 
Personal
422
0.03
%
-
0.00
%
422
0.02
%
 
Auto
29
0.00
%
-
0.00
%
29
0.00
%
Total
$
11,025
0.05
%
$
328
0.00
%
$
11,353
0.04
%
The following table describes the financial effect of the
 
modifications made to borrowers experiencing
 
financial difficulties:
For the quarter ended March 31, 2023
Interest rate reduction
Loan Type
Financial Effect
CRE Owner occupied
Reduced weighted-average contractual interest rate from
6.00
% to
5.25
%.
Mortgage
Reduced weighted-average contractual interest rate from
5.69
% to
4.17
%.
Consumer:
Credit cards
Reduced weighted-average contractual interest rate from
17.76
% to
4.47
%.
Personal
Reduced weighted-average contractual interest rate from
16.97
% to
9.11
%.
Auto
Reduced weighted-average contractual interest rate from
12.64
% to
12.62
%.
Other
Reduced weighted-average contractual interest rate from
17.99
% to
0
%.
Term extension
Loan Type
Financial Effect
CRE Owner occupied
Added a weighted-average
2
 
years to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Commercial and industrial
Added a weighted-average
5
 
months to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Construction
Added a weighted-average
6
 
months to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Mortgage
Added a weighted-average
10
 
years to the life of loans, which reduced monthly payment
 
amount for the borrowers.
Consumer:
Personal
Added a weighted-average
6
 
years to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Auto
Added a weighted-average
2
 
years to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Other than insignificant payment delay
Loan Type
Financial Effect
CRE Non-owner occupied
Added a weighted-average
12
 
months to the life of loans, which reduced monthly
 
payment amount for the
borrowers.
CRE Owner occupied
Added a weighted-average
7
 
months to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Commercial and industrial
Added a weighted-average
9
 
months to the life of loans, which reduced monthly
 
payment amount for the borrowers.
Consumer:
Other
Added a weighted-average
11
 
months to the life of loans, which reduced monthly
 
payment amount for the
borrowers.
The following table presents, by class, the performance
 
of loans that have been modified in the last
 
three months at March 31, 2023.
The
 
past
 
due
 
90
 
days
 
or
 
more
 
categories includes
 
all
 
loans modified
 
classified
 
as
 
non-accruing
 
at
 
the
 
time
 
of
 
the
 
modification.
These loans will continue in non-accrual status, and presented as past
 
due 90 days or more, until the borrower has
 
demonstrated a
willingness and ability to
 
make the restructured loan
 
payments (at least six
 
months of sustained
 
performance after the modification
(or one year for loans providing for
 
quarterly or semi-annual payments)) and management has concluded that it
 
is probable that the
borrower would not be in payment default in the
 
foreseeable future.
BPPR
For the period ended March 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE Non-owner occupied
$
-
$
-
$
-
$
-
$
1,751
$
1,751
$
-
$
-
CRE Owner occupied
-
-
1,803
1,803
13,208
15,011
209
1,594
Commercial and industrial
-
-
142
142
4,974
5,116
28
114
Mortgage
1,202
180
7,518
8,900
16,321
25,221
-
7,518
Consumer:
 
Credit cards
21
46
96
163
334
497
96
-
 
Personal
6
-
232
238
382
620
-
232
 
Auto
-
-
-
-
29
29
-
-
 
Other
-
-
33
33
3
36
-
33
Total
$
1,229
$
226
$
9,824
$
11,279
$
37,002
$
48,281
$
333
$
9,491
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular U.S.
For the period ended March 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE Owner occupied
$
-
$
-
$
-
$
-
$
13,744
$
13,744
$
-
$
-
Commercial and industrial
-
-
-
-
864
864
-
-
Construction
-
-
-
-
3,518
3,518
-
-
Mortgage
-
-
104
104
2,077
2,181
-
104
Consumer:
 
Personal
-
-
54
54
-
54
-
54
Total
$
-
$
-
$
158
$
158
$
20,203
$
20,361
$
-
$
158
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments. Payment default
 
is defined as a restructured loan becoming 90 days past
 
due after being modified, foreclosed or
charged-off, whichever occurs first. The recorded investment
 
as of period end is inclusive of all partial paydowns
 
and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
Popular Inc.
For the period ended March 31, 2023
Past Due 90 days or more [1]
(In thousands)
30-59 days
60-89 days
Past due 90
days or more
Total past
due
Current
Total
With Payment
Default
Without
Payment Default
CRE Non-owner occupied
$
-
$
-
$
-
$
-
$
1,751
$
1,751
$
-
$
-
CRE Owner occupied
-
-
1,803
1,803
26,952
28,755
209
1,594
Commercial and industrial
-
-
142
142
5,838
5,980
28
114
Construction
-
-
-
-
3,518
3,518
-
-
Mortgage
1,202
180
7,622
9,004
18,398
27,402
-
7,622
Consumer:
 
Credit cards
21
46
96
163
334
497
96
-
 
Personal
6
-
286
292
382
674
-
286
 
Auto
-
-
-
-
29
29
-
-
 
Other
-
-
33
33
3
36
-
33
Total
$
1,229
$
226
$
9,982
$
11,437
$
57,205
$
68,642
$
333
$
9,649
[1] Loans that were in non-accrual status at the time
 
of modification are presented as past due until the borrower
 
has demonstrated a willingness and ability
to make the restructured loan payments.
 
Payment default is defined as a restructured loan becoming
 
90 days past due after being modified, foreclosed
 
or
charged-off, whichever occurs first. The recorded inve
 
stment as of period end is inclusive of all partial
 
paydowns and charge-offs since the modification
date. Loans modified with financial difficulty that
 
were fully paid down, charged-off or foreclosed upon
 
by period end are not reported.
The
 
activity
 
of
 
modified
 
loans
 
to
 
borrowers
 
under
 
financial
 
difficulties
 
that
 
were
 
subject
 
to
 
payment
 
default
 
and
 
that
 
had
 
been
modified during the
 
quarter ended March 31,
 
2023 was considered immaterial
 
for the Corporation.
 
Payment default is defined
 
as a
restructured loan becoming 90 days past due after
 
being modified, foreclosed or charged-off, whichever occurs
 
first.
Legacy TDR Modifications
A modification of
 
a loan, prior
 
to ASU 2022-02,
 
constituted a troubled
 
debt restructuring (TDR)
 
when a borrower
 
was experiencing
financial difficulty
 
and the
 
modification constituted
 
a concession.
 
For a
 
summary of
 
the legacy
 
accounting policy
 
related to
 
TDRs,
refer to the Summary of Significant Accounting Policies
 
included in Note 2 to the 2022 Form 10-K.
The outstanding
 
balance of
 
loans classified
 
as TDRs
 
amounted to
 
$
1.6
 
billion at
 
December 31,
 
2022. The
 
amount of
 
outstanding
commitments to
 
lend additional
 
funds to
 
debtors owing
 
loans whose
 
terms have
 
been modified
 
in TDRs
 
amounted to
 
$
12
 
million
related to the commercial loan portfolio at December 31,
 
2022.
The following table presents
 
the outstanding balance of
 
loans classified as TDRs
 
according to their accruing
 
status and the related
allowance at December 31, 2022.
December 31, 2022
(In thousands)
Accruing
Non-Accruing
Total
Related
Allowance
Loans held-in-portfolio:
 
Commercial
$
269,784
$
54,641
$
324,425
$
18,451
 
Mortgage
[1]
1,169,976
86,790
1,256,766
58,819
 
Leasing
1,154
24
1,178
43
 
Consumer
54,395
7,883
62,278
13,577
Loans held-in-portfolio
$
1,495,309
$
149,338
$
1,644,647
$
90,890
[1] At December 31, 2022, accruing mortgage loan TDRs include
 
$
725
 
million guaranteed by U.S. sponsored entities
 
at BPPR.
The
 
following table
 
presents
 
the
 
loan count
 
by
 
type
 
of
 
modification for
 
those
 
loans modified
 
in
 
a TDR
 
during the
 
quarter ended
March 31, 2022. Loans modified as TDRs for the
 
U.S. operations are considered insignificant to
 
the Corporation.
For the quarter ended March 31, 2022
Reduction in
interest rate
Extension of
maturity date
Combination of
reduction in interest
rate and extension of
maturity date
Other
Commercial real estate non-owner occupied
-
-
-
1
Commercial real estate owner occupied
1
1
-
-
Commercial and industrial
1
5
-
11
Mortgage
1
34
288
1
Consumer:
 
Credit cards
15
-
-
15
 
Personal
25
20
-
-
 
Auto
-
1
-
-
Total
43
61
288
28
The following table presents, by class, quantitative
 
information related to loans modified as TDRs
 
during the quarter ended March
31, 2022.
Popular, Inc.
 
For the quarter ended March 31, 2022
(In thousands)
Loan count
Pre-modification outstanding
recorded investment
Post-modification
outstanding recorded
investment
Increase (decrease) in the
allowance for loan losses as
a result of modification
Commercial real estate non-owner occupied
1
$
3,400
$
3,400
$
-
Commercial real estate owner occupied
2
729
727
-
Commercial and industrial
17
49,346
49,155
2,030
Mortgage
324
34,876
35,592
1,020
Consumer:
 
Credit cards
30
248
273
5
 
Personal
45
729
728
130
 
Auto
1
28
28
5
Total
420
$
89,356
$
89,903
$
3,190
The following table presents, by
 
class, TDRs that were subject to
 
payment default and that had been modified
 
as a TDR during the
twelve months preceding the default date.
 
Payment default is defined as a restructured loan becoming 90 days past due after being
modified,
 
foreclosed
 
or
 
charged-off,
 
whichever
 
occurs
 
first.
 
The
 
recorded
 
investment
 
as
 
of
 
period
 
end
 
is
 
inclusive
 
of
 
all
 
partial
paydowns
 
and
 
charge-offs
 
since
 
the
 
modification
 
date.
 
Loans
 
modified
 
as
 
a
 
TDR
 
that
 
were
 
fully
 
paid
 
down,
 
charged-off
 
or
foreclosed upon by period end are not reported.
Defaulted during the quarter ended March 31, 2022
(In thousands)
Loan count
Recorded investment as of first default date
Mortgage
6
$
1,870
Consumer:
 
Credit cards
16
127
 
Personal
12
128
Total
34
$
2,125
Credit Quality
The risk
 
rating system
 
provides for
 
the assignment
 
of ratings
 
at the
 
obligor level
 
based on
 
the financial
 
condition of
 
the borrower.
The
 
risk rating
 
analysis process
 
is
 
performed at
 
least
 
once a
 
year
 
or more
 
frequently if
 
events or
 
conditions change
 
which may
deteriorate the credit quality.
 
In the case of
 
consumer and mortgage loans, these
 
loans are classified considering their
 
delinquency
status at the end of the reporting period.
The following tables present the amortized cost basis, net of unearned income, of
 
loans held-in-portfolio based on the Corporation’s
assignment
 
of
 
obligor
 
risk
 
ratings
 
as
 
defined
 
at
 
March
 
31,
 
2023
 
and
 
December
 
31,
 
2022
 
and
 
the
 
gross
 
write-offs
 
recorded
 
by
vintage year. For
 
the definitions of the obligor risk ratings,
 
refer to the Credit Quality section of
 
Note 9 to the Consolidated Financial
Statements included in the 2022 Form 10-K:
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Watch
$
6,867
$
-
$
-
$
-
$
18,365
$
4,378
$
-
$
-
$
29,610
Special mention
-
-
-
-
-
2,651
-
-
2,651
Substandard
-
-
-
-
-
3,234
100
-
3,334
Pass
28,087
138,361
22,771
20,740
16,039
30,943
270
-
257,211
Total commercial
multi-family
$
34,954
$
138,361
$
22,771
$
20,740
$
34,404
$
41,206
$
370
$
-
$
292,806
Commercial real estate non-owner occupied
Watch
$
-
$
348
$
11,102
$
13,622
$
14,506
$
68,267
$
-
$
-
$
107,845
Special Mention
-
-
29,425
19,841
63,115
49,505
5,000
-
166,886
Substandard
-
8,802
-
2,607
18,488
20,454
-
-
50,351
Pass
76,455
857,954
578,637
368,293
38,120
631,836
9,106
-
2,560,401
Total commercial
real estate non-
owner occupied
$
76,455
$
867,104
$
619,164
$
404,363
$
134,229
$
770,062
$
14,106
$
-
$
2,885,483
Commercial real estate owner occupied
Watch
$
-
$
11,755
$
4,457
$
9,329
$
4,148
$
95,445
$
600
$
-
$
125,734
Special Mention
-
9
2,417
1,534
6,147
66,300
13,834
-
90,241
Substandard
-
16,087
6,078
784
712
80,734
-
-
104,395
Doubtful
-
-
-
-
-
438
-
-
438
Pass
19,721
222,551
255,853
200,352
29,877
440,518
7,823
-
1,176,695
Total commercial
real estate owner
occupied
$
19,721
$
250,402
$
268,805
$
211,999
$
40,884
$
683,435
$
22,257
$
-
$
1,497,503
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
-
$
3
Commercial and industrial
Watch
$
2,151
$
21,021
$
1,994
$
2,889
$
18,406
$
76,544
$
42,623
$
-
$
165,628
Special Mention
-
1,578
5,168
20,849
1,076
53,511
5,785
-
87,967
Substandard
5,418
766
1,137
1,813
2,588
29,834
44,565
-
86,121
Doubtful
-
-
-
28
-
37
-
-
65
Pass
228,133
758,835
578,791
275,748
164,951
328,693
1,259,501
-
3,594,652
Total commercial
and industrial
$
235,702
$
782,200
$
587,090
$
301,327
$
187,021
$
488,619
$
1,352,474
$
-
$
3,934,433
Year-to-Date gross
write-offs
$
172
$
-
$
54
$
609
$
-
$
5
$
767
$
-
$
1,607
Construction
Watch
$
-
$
35,764
$
4,792
$
-
$
-
$
-
$
-
$
-
$
40,556
Substandard
-
-
-
9,657
-
-
$
-
-
9,657
Pass
-
16,381
36,334
11,790
2,306
-
38,325
-
105,136
Total construction
$
-
$
52,145
$
41,126
$
21,447
$
2,306
$
-
$
38,325
$
-
$
155,349
Mortgage
Substandard
$
-
$
107
$
166
$
481
$
3,255
$
90,003
$
-
$
-
$
94,012
Pass
117,402
452,532
445,012
280,846
201,346
4,525,534
-
-
6,022,672
Total mortgage
$
117,402
$
452,639
$
445,178
$
281,327
$
204,601
$
4,615,537
$
-
$
-
$
6,116,684
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
846
$
-
$
-
$
846
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
 
Years
Total
BPPR
Leasing
Substandard
$
-
$
1,065
$
1,819
$
623
$
1,293
$
1,250
$
-
$
-
$
6,050
Loss
-
54
-
-
-
-
-
-
54
Pass
193,921
595,135
399,400
218,226
130,385
71,173
-
-
1,608,240
Total leasing
$
193,921
$
596,254
$
401,219
$
218,849
$
131,678
$
72,423
$
-
$
-
$
1,614,344
Year-to-Date gross
write-offs
$
-
 
$
640
$
634
$
94
$
-
 
$
49
$
-
$
-
$
1,417
Consumer:
Credit cards
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
12,058
$
-
$
12,058
Loss
-
-
-
-
-
-
3
-
3
Pass
-
-
-
-
-
-
1,034,114
-
1,034,114
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,046,175
$
-
$
1,046,175
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
8,676
$
-
$
8,676
HELOCs
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
2,865
$
-
$
2,865
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,865
$
-
$
2,865
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
33
$
-
$
-
$
33
Personal
Substandard
$
-
$
1,879
$
2,078
$
545
$
1,493
$
10,640
$
-
$
1,073
$
17,708
Loss
-
105
141
17
32
2
-
-
297
Pass
225,516
734,207
281,093
89,554
100,679
137,702
-
26,162
1,594,913
Total Personal
$
225,516
$
736,191
$
283,312
$
90,116
$
102,204
$
148,344
$
-
$
27,235
$
1,612,918
Year-to-Date gross
write-offs
$
2
$
5,105
$
4,533
$
1,372
$
1,449
$
1,119
$
-
$
-
$
13,580
Auto
Substandard
$
-
$
8,772
$
11,611
$
9,978
$
8,858
$
5,505
$
-
$
-
$
44,724
Loss
-
50
9
21
16
-
-
-
96
Pass
292,535
1,094,296
895,350
539,897
381,528
269,514
-
-
3,473,120
Total Auto
$
292,535
$
1,103,118
$
906,970
$
549,896
$
390,402
$
275,019
$
-
$
-
$
3,517,940
Year-to-Date gross
write-offs
$
83
$
6,034
$
3,168
$
1,633
$
1,200
$
-
 
$
-
$
-
$
12,118
Other consumer
Substandard
$
-
$
-
$
-
$
90
$
18
$
550
$
170
$
-
$
828
Loss
-
-
-
-
-
263
-
-
263
Pass
7,750
28,099
16,877
6,725
4,002
5,788
59,680
-
128,921
Total Other
consumer
$
7,750
$
28,099
$
16,877
$
6,815
$
4,020
$
6,601
$
59,850
$
-
$
130,012
Year-to-Date gross
write-offs
$
-
$
6
$
-
$
-
$
1
$
11,000
$
-
$
-
$
11,007
Total Puerto Rico
$
1,203,956
$
5,006,513
$
3,592,512
$
2,106,879
$
1,231,749
$
7,101,246
$
2,536,422
$
27,235
$
22,806,512
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Watch
$
-
$
747
$
-
$
6,182
$
61,528
$
44,317
$
-
$
-
$
112,774
Special mention
-
-
-
1,181
-
22,401
-
-
23,582
Substandard
-
-
-
-
14,893
10,661
-
-
25,554
Pass
10,788
507,984
398,506
234,898
227,384
496,971
5,110
-
1,881,641
Total commercial
multi-family
$
10,788
$
508,731
$
398,506
$
242,261
$
303,805
$
574,350
$
5,110
$
-
$
2,043,551
Commercial real estate non-owner occupied
Watch
$
-
$
-
$
2,155
$
1,241
$
3,339
$
52,379
$
-
$
-
$
59,114
Special Mention
-
-
-
-
1,347
75,149
-
-
76,496
Substandard
-
-
2,844
2,138
1,750
3,420
-
-
10,152
Pass
28,126
549,487
204,917
246,309
108,845
474,644
7,102
-
1,619,430
Total commercial
real estate non-
owner occupied
$
28,126
$
549,487
$
209,916
$
249,688
$
115,281
$
605,592
$
7,102
$
-
$
1,765,192
Commercial real estate owner occupied
Watch
$
-
$
-
$
-
$
1,191
$
-
$
55,949
$
-
$
-
$
57,140
Special Mention
-
-
-
3,860
6,192
892
-
-
10,944
Substandard
-
-
-
-
7,365
45,975
-
-
53,340
Pass
47,027
361,856
417,522
114,090
77,271
376,040
5,854
-
1,399,660
Total commercial
real estate owner
occupied
$
47,027
$
361,856
$
417,522
$
119,141
$
90,828
$
478,856
$
5,854
$
-
$
1,521,084
Commercial and industrial
Watch
$
2,320
$
11,947
$
2,532
$
1,474
$
1,783
$
8,747
$
3,641
$
-
$
32,444
Special Mention
-
1,174
1,296
279
267
73
3
-
3,092
Substandard
255
584
176
134
4,219
2,089
3,477
-
10,934
Loss
-
55
-
38
315
-
-
-
408
Pass
15,362
224,336
368,242
356,952
190,287
531,348
331,804
-
2,018,331
Total commercial
and industrial
$
17,937
$
238,096
$
372,246
$
358,877
$
196,871
$
542,257
$
338,925
$
-
$
2,065,209
Year-to-Date gross
write-offs
$
257
$
218
$
1
$
8
$
13
$
2
$
-
$
-
$
499
Construction
Watch
$
-
$
-
$
12,364
$
-
$
6,909
$
37,626
$
-
$
-
$
56,899
Substandard
-
-
-
1,423
-
9,260
-
-
10,683
Pass
9,512
208,550
134,923
46,418
73,785
2,877
-
-
476,065
Total construction
$
9,512
$
208,550
$
147,287
$
47,841
$
80,694
$
49,763
$
-
$
-
$
543,647
Mortgage
Substandard
$
-
$
-
$
1,595
$
-
$
3,608
$
9,516
$
-
$
-
$
14,719
Pass
26,786
230,092
299,773
243,692
181,334
292,827
-
-
1,274,504
Total mortgage
$
26,786
$
230,092
$
301,368
$
243,692
$
184,942
$
302,343
$
-
$
-
$
1,289,223
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
21
$
-
$
21
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
21
$
-
$
21
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
1
$
-
$
1
HELOCs
Substandard
$
-
$
-
$
-
$
-
$
-
$
2,162
$
20
$
1,551
$
3,733
Loss
-
-
-
-
-
111
-
775
886
Pass
-
-
-
-
-
8,645
41,072
12,686
62,403
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
10,918
$
41,092
$
15,012
$
67,022
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
143
$
-
$
-
$
143
Personal
Substandard
$
-
$
1,035
$
226
$
86
$
175
$
188
$
-
$
-
$
1,710
Loss
-
93
107
45
23
528
-
-
796
Pass
20,044
147,255
39,982
5,756
10,285
2,323
-
-
225,645
Total Personal
$
20,044
$
148,383
$
40,315
$
5,887
$
10,483
$
3,039
$
-
$
-
$
228,151
Year-to-Date gross
write-offs
$
-
$
2,331
$
1,191
$
271
$
281
$
96
$
-
$
-
$
4,170
Other consumer
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
514
$
-
$
514
Pass
-
-
-
-
-
-
8,247
-
8,247
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
8,761
$
-
$
8,761
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
53
$
-
$
-
$
53
Total Popular U.S.
$
160,220
$
2,245,195
$
1,887,160
$
1,267,387
$
982,904
$
2,567,118
$
406,865
$
15,012
$
9,531,861
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Watch
$
6,867
$
747
$
-
$
6,182
$
79,893
$
48,695
$
-
$
-
$
142,384
Special mention
-
-
-
1,181
-
25,052
-
-
26,233
Substandard
-
-
-
-
14,893
13,895
100
-
28,888
Pass
38,875
646,345
421,277
255,638
243,423
527,914
5,380
-
2,138,852
Total commercial
multi-family
$
45,742
$
647,092
$
421,277
$
263,001
$
338,209
$
615,556
$
5,480
$
-
$
2,336,357
Commercial real estate non-owner occupied
Watch
$
-
$
348
$
13,257
$
14,863
$
17,845
$
120,646
$
-
$
-
$
166,959
Special Mention
-
-
29,425
19,841
64,462
124,654
5,000
-
243,382
Substandard
-
8,802
2,844
4,745
20,238
23,874
-
-
60,503
Pass
104,581
1,407,441
783,554
614,602
146,965
1,106,480
16,208
-
4,179,831
Total commercial
real estate non-
owner occupied
$
104,581
$
1,416,591
$
829,080
$
654,051
$
249,510
$
1,375,654
$
21,208
$
-
$
4,650,675
Commercial real estate owner occupied
Watch
$
-
$
11,755
$
4,457
$
10,520
$
4,148
$
151,394
$
600
$
-
$
182,874
Special Mention
-
9
2,417
5,394
12,339
67,192
13,834
-
101,185
Substandard
-
16,087
6,078
784
8,077
126,709
-
-
157,735
Doubtful
-
-
-
-
-
438
-
-
438
Pass
66,748
584,407
673,375
314,442
107,148
816,558
13,677
-
2,576,355
Total commercial
real estate owner
occupied
$
66,748
$
612,258
$
686,327
$
331,140
$
131,712
$
1,162,291
$
28,111
$
-
$
3,018,587
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
3
$
-
$
-
$
3
Commercial and industrial
Watch
$
4,471
$
32,968
$
4,526
$
4,363
$
20,189
$
85,291
$
46,264
$
-
$
198,072
Special Mention
-
2,752
6,464
21,128
1,343
53,584
5,788
-
91,059
Substandard
5,673
1,350
1,313
1,947
6,807
31,923
48,042
-
97,055
Doubtful
-
-
-
28
-
37
-
-
65
Loss
-
55
-
38
315
-
-
-
408
Pass
243,495
983,171
947,033
632,700
355,238
860,041
1,591,305
-
5,612,983
Total commercial
and industrial
$
253,639
$
1,020,296
$
959,336
$
660,204
$
383,892
$
1,030,876
$
1,691,399
$
-
$
5,999,642
Year-to-Date gross
write-offs
$
429
$
218
$
55
$
617
$
13
$
7
$
767
$
-
$
2,106
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Construction
Watch
$
-
$
35,764
$
17,156
$
-
$
6,909
$
37,626
$
-
$
-
$
97,455
Substandard
-
-
-
11,080
-
9,260
-
-
20,340
Pass
9,512
224,931
171,257
58,208
76,091
2,877
38,325
-
581,201
Total construction
$
9,512
$
260,695
$
188,413
$
69,288
$
83,000
$
49,763
$
38,325
$
-
$
698,996
Mortgage
Substandard
$
-
$
107
$
1,761
$
481
$
6,863
$
99,519
$
-
$
-
$
108,731
Pass
144,188
682,624
744,785
524,538
382,680
4,818,361
-
-
7,297,176
Total mortgage
$
144,188
$
682,731
$
746,546
$
525,019
$
389,543
$
4,917,880
$
-
$
-
$
7,405,907
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
846
$
-
$
-
$
846
Substandard
$
-
$
1,065
$
1,819
$
623
$
1,293
$
1,250
$
-
$
-
$
6,050
Loss
-
54
-
-
-
-
-
-
54
Pass
193,921
595,135
399,400
218,226
130,385
71,173
-
-
1,608,240
Total leasing
$
193,921
$
596,254
$
401,219
$
218,849
$
131,678
$
72,423
$
-
$
-
$
1,614,344
Year-to-Date gross
write-offs
$
-
$
640
$
634
$
94
$
-
$
49
$
-
$
-
$
1,417
March 31, 2023
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2023
2022
2021
2020
2019
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
12,058
$
-
$
12,058
Loss
-
-
-
-
-
-
3
-
3
Pass
-
-
-
-
-
-
1,034,135
-
1,034,135
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,046,196
$
-
$
1,046,196
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
-
$
8,677
$
-
$
8,677
HELOCs
Substandard
$
-
$
-
$
-
$
-
$
-
$
2,162
$
20
$
1,551
$
3,733
Loss
-
-
-
-
-
111
-
775
886
Pass
-
-
-
-
-
8,645
43,937
12,686
65,268
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
10,918
$
43,957
$
15,012
$
69,887
Year-to-Date gross
write-offs
$
-
$
-
$
-
$
-
$
-
$
176
$
-
$
-
$
176
Personal
Substandard
$
-
$
2,914
$
2,304
$
631
$
1,668
$
10,828
$
-
$
1,073
$
19,418
Loss
-
198
248
62
55
530
-
-
1,093
Pass
245,560
881,462
321,075
95,310
110,964
140,025
-
26,162
1,820,558
Total Personal
$
245,560
$
884,574
$
323,627
$
96,003
$
112,687
$
151,383
$
-
$
27,235
$
1,841,069
Year-to-Date gross
write-offs
$
2
$
7,436
$
5,724
$
1,643
$
1,730
$
1,215
$
-
$
-
$
17,750
Auto
Substandard
$
-
$
8,772
$
11,611
$
9,978
$
8,858
$
5,505
$
-
$
-
$
44,724
Loss
-
50
9
21
16
-
-
-
96
Pass
292,535
1,094,296
895,350
539,897
381,528
269,514
-
-
3,473,120
Total Auto
$
292,535
$
1,103,118
$
906,970
$
549,896
$
390,402
$
275,019
$
-
$
-
$
3,517,940
Year-to-Date gross
write-offs
$
83
$
6,034
$
3,168
$
1,633
$
1,200
$
-
$
-
$
-
$
12,118
Other consumer
Substandard
$
-
$
-
$
-
$
90
$
18
$
550
$
684
$
-
$
1,342
Loss
-
-
-
-
-
263
-
-
263
Pass
7,750
28,099
16,877
6,725
4,002
5,788
67,927
-
137,168
Total Other
consumer
$
7,750
$
28,099
$
16,877
$
6,815
$
4,020
$
6,601
$
68,611
$
-
$
138,773
Year-to-Date gross
write-offs
$
-
$
6
$
-
$
-
$
1
$
11,053
$
-
$
-
$
11,060
Total Popular Inc.
$
1,364,176
$
7,251,708
$
5,479,672
$
3,374,266
$
2,214,653
$
9,668,364
$
2,943,287
$
42,247
$
32,338,373
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
 
Years
Total
BPPR
Commercial:
Commercial multi-family
Watch
$
-
$
-
$
-
$
18,508
$
-
$
4,687
$
-
$
-
$
23,195
Special mention
-
-
-
-
-
2,692
-
-
2,692
Substandard
-
-
-
-
-
3,326
100
-
3,426
Pass
137,411
22,850
20,821
16,145
24,640
30,193
-
-
252,060
Total commercial
multi-family
$
137,411
$
22,850
$
20,821
$
34,653
$
24,640
$
40,898
$
100
$
-
$
281,373
Commercial real estate non-owner occupied
Watch
$
173
$
36,228
$
14,045
$
14,942
$
7,777
$
99,269
$
-
$
-
$
172,434
Special Mention
-
4,361
19,970
7,517
-
25,540
-
-
57,388
Substandard
8,933
-
3,209
19,004
25,490
21,064
-
-
77,700
Pass
855,839
585,690
294,086
94,056
35,105
568,893
16,136
-
2,449,805
Total commercial
real estate non-
owner occupied
$
864,945
$
626,279
$
331,310
$
135,519
$
68,372
$
714,766
$
16,136
$
-
$
2,757,327
Commercial real estate owner occupied
Watch
$
2,296
$
5,271
$
9,447
$
4,275
$
31,649
$
71,568
$
-
$
-
$
124,506
Special Mention
10
284
1,684
6,578
1,076
61,460
-
-
71,092
Substandard
16,205
6,177
802
800
770
84,205
-
-
108,959
Doubtful
-
-
-
-
-
505
-
-
505
Pass
227,404
258,473
274,333
30,691
68,029
407,322
16,742
-
1,282,994
Total commercial
real estate owner
occupied
$
245,915
$
270,205
$
286,266
$
42,344
$
101,524
$
625,060
$
16,742
$
-
$
1,588,056
Commercial and industrial
Watch
$
32,376
$
2,185
$
15,493
$
18,829
$
15,483
$
51,602
$
56,508
$
-
$
192,476
Special Mention
2,537
2,479
5,770
1,139
6,767
46,040
6,283
-
71,015
Substandard
789
1,276
1,600
3,138
11,536
40,636
46,226
-
105,201
Doubtful
-
-
29
-
75
75
-
-
179
Loss
-
-
-
-
-
-
144
-
144
Pass
793,662
684,647
211,013
177,265
65,197
292,173
1,203,536
-
3,427,493
Total commercial
and industrial
$
829,364
$
690,587
$
233,905
$
200,371
$
99,058
$
430,526
$
1,312,697
$
-
$
3,796,508
Construction
Watch
$
35,446
$
3,116
$
98
$
-
$
-
$
-
$
141
$
-
$
38,801
Substandard
-
-
9,629
-
-
-
-
-
9,629
Pass
13,044
34,387
15,961
2,262
-
-
32,957
-
98,611
Total construction
$
48,490
$
37,503
$
25,688
$
2,262
$
-
$
-
$
33,098
$
-
$
147,041
Mortgage
Substandard
$
-
$
574
$
687
$
3,926
$
4,227
$
93,959
$
-
$
-
$
103,373
Pass
449,286
451,027
285,026
204,170
237,007
4,380,390
-
-
6,006,906
Total mortgage
$
449,286
$
451,601
$
285,713
$
208,096
$
241,234
$
4,474,349
$
-
$
-
$
6,110,279
Leasing
Substandard
$
953
$
1,491
$
941
$
1,172
$
1,127
$
215
$
-
$
-
$
5,899
Loss
-
-
-
21
-
21
-
-
42
Pass
672,294
428,889
237,939
146,231
79,451
14,994
-
-
1,579,798
Total leasing
$
673,247
$
430,380
$
238,880
$
147,424
$
80,578
$
15,230
$
-
$
-
$
1,585,739
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
 
Years
Total
BPPR
Consumer:
Credit cards
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
11,907
$
-
$
11,907
Loss
-
-
-
-
-
-
3
-
3
Pass
-
-
-
-
-
-
1,029,921
-
1,029,921
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,041,831
$
-
$
1,041,831
HELOCs
Pass
-
$
-
$
-
$
-
$
-
$
-
$
2,954
-
2,954
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
-
$
2,954
$
-
$
2,954
Personal
Substandard
$
1,330
$
2,001
$
764
$
1,774
$
503
$
10,831
$
-
$
1,285
$
18,488
Loss
-
-
53
20
31
10
-
1
115
Pass
841,564
320,809
103,337
117,568
46,555
109,543
-
27,708
1,567,084
Total Personal
$
842,894
$
322,810
$
104,154
$
119,362
$
47,089
$
120,384
$
-
$
28,994
$
1,585,687
Auto
Substandard
$
6,764
$
11,171
$
10,466
$
10,243
$
4,597
$
2,382
$
-
$
-
$
45,623
Loss
23
41
48
25
7
14
-
-
158
Pass
1,156,654
961,571
588,200
426,169
248,328
85,827
-
-
3,466,749
Total Auto
$
1,163,441
$
972,783
$
598,714
$
436,437
$
252,932
$
88,223
$
-
$
-
$
3,512,530
Other consumer
Substandard
$
-
$
-
$
100
$
593
$
543
$
242
$
10,902
$
-
$
12,380
Loss
-
-
-
-
263
40
-
-
303
Pass
29,557
17,439
6,967
4,201
4,553
1,942
60,238
-
124,897
Total Other
consumer
$
29,557
$
17,439
$
7,067
$
4,794
$
5,359
$
2,224
$
71,140
$
-
$
137,580
Total Puerto Rico
$
5,284,550
$
3,842,437
$
2,132,518
$
1,331,262
$
920,786
$
6,511,660
$
2,494,698
$
28,994
$
22,546,905
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
Years
Total
Popular U.S.
Commercial:
Commercial multi-family
Watch
$
750
$
917
$
6,218
$
85,579
$
9,633
$
52,835
$
-
$
-
$
155,932
Special mention
-
-
1,198
-
14,491
8,372
-
-
24,061
Substandard
-
-
-
9,305
7,373
2,941
-
-
19,619
Pass
503,010
399,397
238,903
210,295
138,723
347,615
2,785
-
1,840,728
Total commercial
multi-family
$
503,760
$
400,314
$
246,319
$
305,179
$
170,220
$
411,763
$
2,785
$
-
$
2,040,340
Commercial real estate non-owner occupied
Watch
$
-
$
2,167
$
13,622
$
3,355
$
26,931
$
29,849
$
-
$
-
$
75,924
Special Mention
-
-
-
1,353
-
75,269
-
-
76,622
Substandard
-
2,864
2,149
3,220
1,429
4,722
-
-
14,384
Pass
552,258
209,338
211,449
109,781
100,065
383,409
9,113
-
1,575,413
Total commercial
real estate non-
owner occupied
$
552,258
$
214,369
$
227,220
$
117,709
$
128,425
$
493,249
$
9,113
$
-
$
1,742,343
Commercial real estate owner occupied
Watch
$
-
$
-
$
1,197
$
1,079
$
6,095
$
55,005
$
-
$
-
$
63,376
Special Mention
-
-
3,886
-
-
901
-
-
4,787
Substandard
-
-
-
7,403
11,165
33,586
-
-
52,154
Pass
363,655
422,959
114,988
82,971
119,565
258,881
7,157
-
1,370,176
Total commercial
real estate owner
occupied
$
363,655
$
422,959
$
120,071
$
91,453
$
136,825
$
348,373
$
7,157
$
-
$
1,490,493
Commercial and industrial
Watch
$
12,328
$
2,218
$
2,022
$
2,049
$
8,438
$
532
$
4,291
$
-
$
31,878
Special Mention
1,262
1,130
314
244
60
-
3
-
3,013
Substandard
260
935
74
4,278
315
1,829
1,408
-
9,099
Loss
292
525
1
75
192
3
-
-
1,088
Pass
185,318
341,855
368,398
202,301
171,528
376,045
352,169
-
1,997,614
Total commercial
and industrial
$
199,460
$
346,663
$
370,809
$
208,947
$
180,533
$
378,409
$
357,871
$
-
$
2,042,692
Construction
Watch
$
-
$
12,085
$
-
$
6,979
$
18,310
$
34,126
$
-
$
-
$
71,500
Special Mention
-
3
-
-
-
-
-
-
3
Substandard
-
-
1,423
-
6,540
2,095
-
-
10,058
Pass
164,272
146,062
91,486
93,118
10,863
23,581
-
-
529,382
Total construction
$
164,272
$
158,150
$
92,909
$
100,097
$
35,713
$
59,802
$
-
$
-
$
610,943
Mortgage
Substandard
$
-
$
2,009
$
3,478
$
4,048
$
1,156
$
9,798
$
-
$
-
$
20,489
Pass
236,595
303,204
243,468
183,846
58,026
241,564
-
-
1,266,703
Total mortgage
$
236,595
$
305,213
$
246,946
$
187,894
$
59,182
$
251,362
$
-
$
-
$
1,287,192
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
Years
Total
Popular U.S.
Consumer:
Credit cards
Pass
$
-
$
-
$
-
$
-
$
-
$
-
$
39
$
-
$
39
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
39
$
-
$
39
HELOCs
Substandard
$
-
$
-
$
-
$
-
$
-
$
2,146
$
20
$
1,402
$
3,568
Loss
-
-
-
-
-
4
-
538
542
Pass
-
-
-
-
-
9,169
41,724
13,959
64,852
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
11,319
$
41,744
$
15,899
$
68,962
Personal
Substandard
$
621
$
454
$
149
$
238
$
70
$
6
$
-
$
-
$
1,538
Loss
-
-
-
-
-
421
-
-
421
Pass
165,153
46,320
7,339
13,443
2,021
1,657
-
-
235,933
Total Personal
$
165,774
$
46,774
$
7,488
$
13,681
$
2,091
$
2,084
$
-
$
-
$
237,892
Other consumer
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
8
$
-
$
8
Pass
-
-
-
-
-
-
9,960
-
9,960
Total Other
consumer
$
-
$
-
$
-
$
-
$
-
$
-
$
9,968
$
-
$
9,968
Total Popular U.S.
$
2,185,774
$
1,894,442
$
1,311,762
$
1,024,960
$
712,989
$
1,956,361
$
428,677
$
15,899
$
9,530,864
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
Years
Total
Popular, Inc.
Commercial:
Commercial multi-family
Watch
$
750
$
917
$
6,218
$
104,087
$
9,633
$
57,522
$
-
$
-
$
179,127
Special mention
-
-
1,198
-
14,491
11,064
-
-
26,753
Substandard
-
-
-
9,305
7,373
6,267
100
-
23,045
Pass
640,421
422,247
259,724
226,440
163,363
377,808
2,785
-
2,092,788
Total commercial
multi-family
$
641,171
$
423,164
$
267,140
$
339,832
$
194,860
$
452,661
$
2,885
$
-
$
2,321,713
Commercial real estate non-owner occupied
Watch
$
173
$
38,395
$
27,667
$
18,297
$
34,708
$
129,118
$
-
$
-
$
248,358
Special Mention
-
4,361
19,970
8,870
-
100,809
-
-
134,010
Substandard
8,933
2,864
5,358
22,224
26,919
25,786
-
-
92,084
Pass
1,408,097
795,028
505,535
203,837
135,170
952,302
25,249
-
4,025,218
Total commercial
real estate non-
owner occupied
$
1,417,203
$
840,648
$
558,530
$
253,228
$
196,797
$
1,208,015
$
25,249
$
-
$
4,499,670
Commercial real estate owner occupied
Watch
$
2,296
$
5,271
$
10,644
$
5,354
$
37,744
$
126,573
$
-
$
-
$
187,882
Special Mention
10
284
5,570
6,578
1,076
62,361
-
-
75,879
Substandard
16,205
6,177
802
8,203
11,935
117,791
-
-
161,113
Doubtful
-
-
-
-
-
505
-
-
505
Pass
591,059
681,432
389,321
113,662
187,594
666,203
23,899
-
2,653,170
Total commercial
real estate owner
occupied
$
609,570
$
693,164
$
406,337
$
133,797
$
238,349
$
973,433
$
23,899
$
-
$
3,078,549
Commercial and industrial
Watch
$
44,704
$
4,403
$
17,515
$
20,878
$
23,921
$
52,134
$
60,799
$
-
$
224,354
Special Mention
3,799
3,609
6,084
1,383
6,827
46,040
6,286
-
74,028
Substandard
1,049
2,211
1,674
7,416
11,851
42,465
47,634
-
114,300
Doubtful
-
-
29
-
75
75
-
-
179
Loss
292
525
1
75
192
3
144
-
1,232
Pass
978,980
1,026,502
579,411
379,566
236,725
668,218
1,555,705
-
5,425,107
Total commercial
and industrial
$
1,028,824
$
1,037,250
$
604,714
$
409,318
$
279,591
$
808,935
$
1,670,568
$
-
$
5,839,200
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
Years
Total
Popular, Inc.
Construction
Watch
$
35,446
$
15,201
$
98
$
6,979
$
18,310
$
34,126
$
141
$
-
$
110,301
Special Mention
-
3
-
-
-
-
-
-
3
Substandard
-
-
11,052
-
6,540
2,095
-
-
19,687
Pass
177,316
180,449
107,447
95,380
10,863
23,581
32,957
-
627,993
Total construction
$
212,762
$
195,653
$
118,597
$
102,359
$
35,713
$
59,802
$
33,098
$
-
$
757,984
Mortgage
Substandard
$
-
$
2,583
$
4,165
$
7,974
$
5,383
$
103,757
$
-
$
-
$
123,862
Pass
685,881
754,231
528,494
388,016
295,033
4,621,954
-
-
7,273,609
Total mortgage
$
685,881
$
756,814
$
532,659
$
395,990
$
300,416
$
4,725,711
$
-
$
-
$
7,397,471
Leasing
Substandard
$
953
$
1,491
$
941
$
1,172
$
1,127
$
215
$
-
$
-
$
5,899
Loss
-
-
-
21
-
21
-
-
42
Pass
672,294
428,889
237,939
146,231
79,451
14,994
-
-
1,579,798
Total leasing
$
673,247
$
430,380
$
238,880
$
147,424
$
80,578
$
15,230
$
-
$
-
$
1,585,739
December 31, 2022
Term Loans
Revolving
Loans
Amortized
Cost Basis
Revolving
Loans
Converted to
Term Loans
Amortized
Cost Basis
Amortized Cost Basis by Origination Year
(In thousands)
2022
2021
2020
2019
2018
Prior
Years
Total
Popular, Inc.
Consumer:
Credit cards
Substandard
$
-
$
-
$
-
$
-
$
-
$
-
$
11,907
$
-
$
11,907
Loss
-
-
-
-
-
-
3
-
3
Pass
-
-
-
-
-
-
1,029,960
-
1,029,960
Total credit cards
$
-
$
-
$
-
$
-
$
-
$
-
$
1,041,870
$
-
$
1,041,870
HELOCs
Substandard
$
-
$
-
$
-
$
-
$
-
$
2,146
$
20
$
1,402
$
3,568
Loss
-
-
-
-
-
4
-
538
542
Pass
-
-
-
-
-
9,169
44,678
13,959
67,806
Total HELOCs
$
-
$
-
$
-
$
-
$
-
$
11,319
$
44,698
$
15,899
$
71,916
Personal
Substandard
$
1,951
$
2,455
$
913
$
2,012
$
573
$
10,837
$
-
$
1,285
$
20,026
Loss
-
-
53
20
31
431
-
1
536
Pass
1,006,717
367,129
110,676
131,011
48,576
111,200
-
27,708
1,803,017
Total Personal
$
1,008,668
$
369,584
$
111,642
$
133,043
$
49,180
$
122,468
$
-
$
28,994
$
1,823,579
Auto
Substandard
$
6,764
$
11,171
$
10,466
$
10,243
$
4,597
$
2,382
$
-
$
-
$
45,623
Loss
23
41
48
25
7
14
-
-
158
Pass
1,156,654
961,571
588,200
426,169
248,328
85,827
-
-
3,466,749
Total Auto
$
1,163,441
$
972,783
$
598,714
$
436,437
$
252,932
$
88,223
$
-
$
-
$
3,512,530
Other consumer
Substandard
$
-
$
-
$
100
$
593
$
543
$
242
$
10,910
$
-
$
12,388
Loss
-
-
-
-
263
40
-
-
303
Pass
29,557
17,439
6,967
4,201
4,553
1,942
70,198
-
134,857
Total Other
consumer
$
29,557
$
17,439
$
7,067
$
4,794
$
5,359
$
2,224
$
81,108
$
-
$
147,548
Total Popular Inc.
$
7,470,324
$
5,736,879
$
3,444,280
$
2,356,222
$
1,633,775
$
8,468,021
$
2,923,375
$
44,893
$
32,077,769